Stonebriar Commercial Finance (SCF) closes an additional $17.5MM in financing to a third generation, family owned, plywood and veneer manufacturer.
Established in 1951, the company operates four mills, including a new, state-of-the-art plywood and veneer facility. SCF’s relationship with the borrower has come full cycle, entering the relationship at a company trough, then pivoting to improved industry conditions and completion of its new $75 million plywood and veneer facility.
Since 2015, SCF has provided the borrower $60 million in aggregate financing, secured by all land, manufacturing facilities, rolling stock and timber rights. Proceeds were used to pay off more expensive subordinated debt, vendor notes and provide funds for general corporate purposes.
Steve White, EVP of Stonebriar stated: “The Stonebriar team has developed an excellent long term relationship with the Borrower, has provided creative financing solutions and moved quickly to meet company timelines.”
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